Global Partners LP (NYSE:GLP) Downgraded by Zacks Investment Research to Sell

Global Partners LP (NYSE:GLP) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Friday, November 10th.

According to Zacks, “Global Partners is a Delaware limited partnership formed by affiliates of the Slifka family. Global Partners owns, controls or has access to one of the largest terminal networks of refined petroleum products in New England. Global Partners is one of the largest wholesale distributors of distillates such as home heating oil, diesel and kerosene, gasoline, and residual oil and bunker fuel to wholesalers, retailers and commercial customers in New England. “

A number of other analysts have also recently weighed in on GLP. BidaskClub upgraded shares of Global Partners from a “strong sell” rating to a “sell” rating in a research note on Friday, August 25th. Stifel Nicolaus reaffirmed a “buy” rating and set a $20.00 target price on shares of Global Partners in a research report on Thursday, August 10th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $19.00.

Global Partners (NYSE:GLP) traded down $0.25 during trading on Friday, hitting $17.15. 60,174 shares of the stock traded hands, compared to its average volume of 65,427. The company has a debt-to-equity ratio of 2.95, a quick ratio of 0.93 and a current ratio of 1.52. The stock has a market capitalization of $591.52, a P/E ratio of 37.83 and a beta of 1.10. Global Partners has a 1-year low of $15.20 and a 1-year high of $21.95.

Global Partners (NYSE:GLP) last posted its quarterly earnings results on Wednesday, November 8th. The energy company reported $0.44 EPS for the quarter, topping the consensus estimate of $0.25 by $0.19. The business had revenue of $2.16 billion during the quarter, compared to analysts’ expectations of $2.29 billion. Global Partners had a negative net margin of 0.28% and a positive return on equity of 3.95%. The firm’s quarterly revenue was up 6.4% compared to the same quarter last year. During the same period last year, the company posted ($3.54) earnings per share. research analysts predict that Global Partners will post 1.15 earnings per share for the current fiscal year.

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Several large investors have recently modified their holdings of the company. Wells Fargo & Company MN boosted its stake in shares of Global Partners by 0.9% in the 2nd quarter. Wells Fargo & Company MN now owns 17,412 shares of the energy company’s stock valued at $314,000 after purchasing an additional 154 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Global Partners by 4.8% in the 1st quarter. Bank of New York Mellon Corp now owns 22,001 shares of the energy company’s stock valued at $429,000 after purchasing an additional 1,000 shares in the last quarter. Commonwealth Equity Services Inc lifted its position in Global Partners by 28.9% during the 3rd quarter. Commonwealth Equity Services Inc now owns 16,171 shares of the energy company’s stock worth $281,000 after buying an additional 3,624 shares in the last quarter. Arrow Investment Advisors LLC lifted its position in Global Partners by 14.9% during the 3rd quarter. Arrow Investment Advisors LLC now owns 40,807 shares of the energy company’s stock worth $710,000 after buying an additional 5,301 shares in the last quarter. Finally, California Public Employees Retirement System lifted its position in Global Partners by 3.9% during the 2nd quarter. California Public Employees Retirement System now owns 146,900 shares of the energy company’s stock worth $2,652,000 after buying an additional 5,500 shares in the last quarter. Institutional investors own 40.02% of the company’s stock.

Global Partners Company Profile

Global Partners LP is a midstream logistics and marketing company. It is engaged in the purchasing, selling, storing and logistics of transporting petroleum and related products, including gasoline and gasoline blendstocks, distillates, residual oil, renewable fuels, crude oil, natural gas and propane.

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